Facebook was reported to be designing its own digital currency for WhatsApp use

As per recent reports from Bloomberg, Facebook is in the middle of the developing process for a digital currency that will allow the users of WhatsApp messenger to transfer funds to one another.

According to the reports, the brand new WhatsApp feature will initially concentrate on the remittances marketplace in India. Also, the upcoming digital asset is rumored to become yet another so-called “stablecoin”, which is a type of digital currency, the value of which is pegged to the fiat currency – mainly the US dollar, with many already existing and prominent examples, such as True USD, Gemini Dollar, Paxos Standard, USD Coin, and Tether. According to the insider reports, the firm is opting for a stablecoin format in order to curtail the impact of market volatility, which currently is an especially pressing issue.

There are no details as to when the digital currency is to be deployed. Nevertheless, today’s news say that it will not happen until Facebook feels that the coin is definitely ready to launch. As of now, the firm is in the middle of its development process for a general strategy, because it involves custody assets and many other matters coinciding with the implementation of the digital currency.

Facebook has been seeking to widen its part in finance for some time, developing and deploying new financial services for both its social media app and the Messenger app.

WhatsApp has turned into an unbelievably prominent messaging network with encryption. It has by a huge margin got away from the privacy issues surrounding the rest of the Facebook’s properties, mainly because most of its customer base does not even comprehend the fact that WhatsApp is owned by Facebook, too. Just in India, the famous messenger application is used by over 200 million people.